Keys to CBRE’s successful property management strategy

September 10, 2019

Park 80 West in Saddle Brook

By Neil Kurtz, Managing Director, Property Management

Over the past two decades, property management has evolved into a science requiring expertise in a variety of disciplines — from capital allocation to engineering and business development. Success requires a strong team of professionals and a thorough understanding of each and every asset under management. CBRE’s 132-person New Jersey property management team is currently responsible for a vast portfolio consisting of 30 million sq. ft. — 15 million sq. ft. of office, 13 million sq. ft. of industrial and two million sq. ft. of retail properties — located throughout the state. Our work includes client relations, new business development, preparation and execution of business plans and capital programs and reporting.

As one of the most sought-after property managers in the region, several elements are key to CBRE’s success.

Hiring Top Talent

One of the most important aspects of being an effective property manager is to ensure a team of trusted top talent can be depended upon for each and every project. We adhere to the adage, “be sure that your successor is smarter than you.” A property management position requires a lot more knowledge than it did 20 years ago, so successful practitioners are able to wear a variety of hats while being well-versed in different subject areas — everything from accounting to engineering.

Tenant Relations/Customer Service

Providing excellent tenant relation and customer service support are paramount to success in this field. We curate an unparalleled experience for tenants in each building we manage, employing a number of activities that can be tailored to the particular property. For example, at Park 80 in Saddle Brook, we host “Popcorn Fridays,” and offer on-site amenities such as dry cleaning, car detailing, urgent care and a mobile dental office. The building is fully leased to 75 tenants.

It’s not just about fun or practical amenities. A vital part of property management is about repairs and maintenance. We try to work as efficiently as possible by diagnosing and mobilizing around any problem extremely quickly. For instance, one of the buildings we manage lost a transformer and had to be closed for a month and a half; we had to relocate and accommodate 65 employees in a temporary space which we accomplished in a mere 32 days. Obviously, safety is the most important aspect of any building maintenance program.

Focus on the Best Buildings

Metropolitan Center in East Rutherford is one of our marquee assignments as it’s a premier property that is 100 percent leased and offers the amenities of a Class A environment including a state-of-the-art fitness center, conference center and even a massage therapist.

Newark’s CBD is still the hardest market to break into because a majority of the buildings are owner-managed, but we made it our goal to get one, third-party assignment per year and so far, we’ve been successful. One of our most recent wins in Newark is 3 Gateway Center, which is a 482,000 sq. ft. Class A building whose major tenant is Prudential.

Partnerships

We’ve also been focusing on leveraging outside partnerships. A great example of this is at Metropolitan Center, where we partnered with BMW to offer a free car charging station at the building.

Another example is our successful partnership with the New York Giants. Each fall, the Giants send either a current or retired football player for a “kick-off” event at Park 80. This is always one of the most popular events that we host, as tenants are welcome to bring their family and friends for food, games and autographs.

The property management field has allowed CBRE to tap into our collective creativity and come up with efficient and effective solutions for tenants while making the office experience as enjoyable as possible. We are proud of the work we do for our valued clients and look forward to expanding upon our success.

About the Author

Neil Kurtz has over 25 years in the real estate industry and 21 years at CBRE. He is responsible for executive oversight of a portfolio of 30 million sq. ft. under management consisting of office, industrial and retail. Neil’s primary focus includes client care relations; new business development; preparation and execution of asset business plans, capital programs and client reporting. In addition, he provides supervision, training and guidance to his Park 80 West, Plazas I and II. Saddle Brook, New Jersey 132-person team.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for eight years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.